In response to the end of the credit cycle policymakers and central bankers in the high income countries have exponentially increased their presence in the capital markets. Debt issued by governments has soared and central banks are pursuing unorthodox policies the purpose of which varies from country to country. The purpose of quantitative easing in the US especially the latest reiteration is to accelerate employment growth. The ECB’s Outright Market Transactions is to ensure a proper transmission of its monetary policy to countries that agree to EU/IMF conditionality and have access to the capital markets. Japan’s asset purchase program ...